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Russian GDP contraction slowed in Q2

Xinhua, August 12, 2016 Adjust font size:

The Russian economy experienced a softer downturn in the second quarter of the year with a 0.6-percent decrease in its Gross Domestic Product, according to Russia's statistical office.

The decrease was an improvement from last quarter's 1.2-percent contraction and the smallest since 2014.

Chief Economist at the Eurasian Development Bank Yaroslav Lissovolik expects the Russian economy to grow slightly in the second half of the year, if the oil prices keep at 45-50 dollars per barrel.

The Russian Ministry of Economic Development predicts zero growth in GDP in the third quarter and a 1.2-percent growth in the fourth quarter of 2016. It also predicts a 0.2-percent decline of GDP for the whole year if the price of oil averages 40 dollars per barrel. Endi